The way I understand it:
1) 2010's Lotus Racing, i.e. 1Malaysia F1 Team, have sorted out a licensing deal with the owners of the Team Lotus name to run their cars and team as Team Lotus, with Renault engines. This is possible because Group Lotus, owned by Proton, doesn't actually own the rights to the Team Lotus name AFAIK.
Personally, I hope Fernandes et al get to run their cars as Team Lotus to stick it to Renault and Genii.
Bingo, never did have the rights to the Team Lotus name. As Flibster posted above they were two separate entities. I think its been posted already but if not http://www.saveteamlotus.com/
The two teams could quite happily run side by side but for whatever reason Group Lotus/Proton/Bahr have taken upon a crusade to strip Tony and the 1Malaysia group of the right to use the Team Lotus name.